Kraken review 2023
- Regulator registration
- AUSTRAC
- Supported assets
- 223
- Fiat currencies
- 8
Our verdict
Trade a wide range of cryptocurrencies on this world-class exchange.
Kraken is one of the world's longest-running cryptocurrency exchanges.
It caters to both new and experienced investors and is amongst the world's top 5 most visited crypto exchanges.
You can easily buy crypto instantly with a credit and debit card or deposit AUD to trade on the spot market. Deposits made with bank transfer, PayID and Osko are free.
For those new to crypto, Kraken has an educational section in which it provides written, video and audio tutorials on a diverse range of topics.
For the more seasoned crypto investors, Kraken offers more advanced trading features like charting tools, order types and a detailed order book.
It also offers Australians the option to earn a yield on their funds, primarily through staking.
Kraken is one of the very few exchanges in the world to offer phone-based customer service, although international call rates apply. You can also get in touch 24/7 using live web chat or through a support ticket.
Pros
-
Phone-based customer service. Kraken is one of very few cryptocurrency exchanges to offer 24/7 phone-based customer service, although international call rates apply. There is also live web chat and email support.
-
Beginner-friendly mode. Kraken offers a beginner friendly mode on the desktop exchange which simplifies buying and selling. The Kraken app is suited to beginners from the outset, with the secondary Kraken Pro app being targeted to experienced traders.
Cons
-
Sued by ASIC. Kraken was sued by regulator ASIC in September 2023. ASIC alleges that Kraken's margin trading product did not meet design and distribution obligations as it failed to provide a Target Market Determination (TMD).
Details
Product details
| Product Name | Kraken |
| Fiat Currencies | USD, EUR, CAD, AUD, GBP, CHF, JPY & 1 more |
| Cryptocurrencies | BTC, ETH, XRP, BCH, EOS, FET, LTC, ADA, XLM, USDT & 214 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card Osko PayID Apple Pay Google Pay SWIFT |
| Trading Fee |
Maker: 0.16% Taker: 0.26% |
| Deposit Fees |
Bank transfer, PayID or OSKO: Free Crypto: Fees vary Credit and debit card: Fees vary Apple Pay or Google Pay: Fees vary |
| Withdrawal Fees |
Bank transfer/OSKO: $0 ($5 minimum withdrawal) SWIFT: $55 ($150 minimum withdrawal) Cryptocurrency: Network fees apply |
Ratings breakdown: How we scored Kraken
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology for more information.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Kraken
Kraken is a US-based cryptocurrency exchange that was launched in 2013 in San Francisco.
It is one of the longest running platforms in the industry. It has maintained its legacy status by educating users, shaping industry policy and being highly active in regulatory discourse.
Kraken is registered as a Money Services Business (MSB) with FinCEN and as a Digital Currency Exchange (DCE) with AUSTRAC in Australia.
Kraken supported assets
Kraken supports over 222 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Toncoin, which are in the top 20 cryptos by market cap. In total, 17 of the top 20 cryptos are available on Kraken.
Popular assets on KrakenKraken fees
Kraken charges a fee for deposits. Bank transfer, payid or osko deposits are free for folks in Australia.
Deposit and withdrawal fees
| Transaction type | Fee |
|---|---|
| Deposit funds | Bank transfer, PayID or OSKO: Free Crypto: Fees vary Credit and debit card: Fees vary Apple Pay or Google Pay: Fees vary |
| Withdraw funds | Bank transfer/OSKO: $0 ($5 minimum withdrawal) SWIFT: $55 ($150 minimum withdrawal) Cryptocurrency: Network fees apply |
Kraken uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | 0.16% |
| Taker | 0.26% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Kraken deposit methods
- Bank transfer
- Credit card
- Cryptocurrency
- Debit card
- Osko
- PayID
- Apple Pay
- Google Pay
- SWIFT
How to sign up on Kraken
Before you can get started trading on Kraken, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).
- Get started
Visit Kraken's site. After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Kraken account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Kraken.
About the Kraken app
Kraken offers two mobile apps.
The standard Kraken app is targeted to beginners and focuses on a simplified buying and selling experience. The app includes a neat snapshot of your portfolio and has a concise summary of each asset and how it works. You can purchase crypto instantly or set a recurring order.
The Kraken Pro app is targeted at experienced traders and includes many of the same features as the desktop exchange. You view price charts, the order book and market depth. The spot market has a number of order types and trade settings available.
You can contact customer support through both apps as well as set price alerts for individual assets. 
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.3 stars | 21.2k reviews with 1m downloads |
| Apple Store | 4.7 stars | 3.2k reviews |
Is Kraken safe?
Past hacks. In its decade-long history, Kraken has never been hacked. The majority of assets managed by Kraken are stored offline, which protects them from most of the vulnerabilities associated with cryptocurrency theft.
Security. Kraken accounts come with standard modern security features such as SMS codes to confirm withdrawals, email confirmation, and 2-factor authentication (2FA).
Independent audits. Kraken has been audited by independent accounting firms.
Proof-of-reserves. Following the collapse of Celsius and FTX, Kraken implemented a proof-of-reserves system. This allows users to verify their account balances using on-chain data and a type of cryptographic proof called a Merkle Tree.
Insurance. Cryptocurrencies do not qualify for federal deposit insurance in the US or the Financial Claims Scheme (FCS) guarantee in Australia. Kraken does not disclose an independent insurance policy.
Keeping your crypto secure
All centralised exchanges, including Kraken, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,456+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $219 |
Price (USD) $49.99 |
See more of the best crypto wallets
Kraken customer support
Kraken is one of very few exchanges in the world to offer phone-based customer service. Phone based customer support teams are located in the US, UK or the EU and so you will need to pay international call rates.
You can also get in touch 24/7 using live web chat or through a support ticket.
When we tested the live chat customer service we were put in touch with a person within 5 minutes.
How to reach Kraken customer support
- Contact form
- FAQ page
- Help center articles
- Live chat
- Phone
- Support ticket
Alternatives to Kraken
Your reviews
James Finder
Editor
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